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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
F O R M  10-Q  
 
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
 
or
 
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____to_____
 
Commission file number: 001-35081
kmi-20200930_g1.gif

KINDER MORGAN, INC.
(Exact name of registrant as specified in its charter)
 
Delaware80-0682103
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1001 Louisiana Street, Suite 1000, Houston, Texas 77002
(Address of principal executive offices)(zip code)
Registrant’s telephone number, including area code: 713-369-9000
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class P Common StockKMINew York Stock Exchange
1.500% Senior Notes due 2022KMI 22New York Stock Exchange
2.250% Senior Notes due 2027KMI 27 ANew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No þ
 
As of October 22, 2020, the registrant had 2,263,793,923 Class P shares outstanding.




KINDER MORGAN, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
  Page
Number
 
 Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2020 and 2019
  Consolidated Statements of Comprehensive Income (Loss) - Three and Nine Months Ended September 30, 2020 and 2019
 Consolidated Balance Sheets - as of September 30, 2020 and December 31, 2019
 Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2020 and 2019
 Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2020 and 2019
 
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
Note 8
Note 9
Note 10
 Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 Liquidity and Capital Resources
  
 
1



KINDER MORGAN, INC. AND SUBSIDIARIES
GLOSSARY

Company Abbreviations
CIG=Colorado Interstate Gas Company, L.L.C.KMP=Kinder Morgan Energy Partners, L.P. and its majority-owned and/or controlled subsidiaries
ELC=Elba Liquefaction Company, L.L.C.
EPNG=El Paso Natural Gas Company, L.L.C.SFPP=SFPP, L.P.
KMBT=Kinder Morgan Bulk Terminals, Inc.SNG=Southern Natural Gas Company, L.L.C.
KMI=Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiariesTGP=Tennessee Gas Pipeline Company, L.L.C.
TMPL=Trans Mountain Pipeline System
KML=Kinder Morgan Canada Limited and its majority-owned and/or controlled subsidiaries
KMLT=Kinder Morgan Liquid Terminals, LLC
Unless the context otherwise requires, references to “we,” “us,” “our,” or “the Company” are intended to mean Kinder Morgan, Inc. and its majority-owned and/or controlled subsidiaries.
Common Industry and Other Terms
/d=per dayEPA=U.S. Environmental Protection Agency
BBtu=billion British Thermal Units FASB=Financial Accounting Standards Board
Bcf=billion cubic feetFERC=Federal Energy Regulatory Commission
CERCLA=Comprehensive Environmental Response, Compensation and Liability ActGAAP=U.S. Generally Accepted Accounting Principles
LLC=limited liability company
CO2
=
carbon dioxide or our CO2 business segment
LIBOR=London Interbank Offered Rate
COVID-19=Coronavirus Disease 2019, a widespread contagious disease, or the related pandemic declared and resulting worldwide economic downturnMBbl=thousand barrels
MMBbl=million barrels
DCF=distributable cash flowMMtons=million tons
DD&A=depreciation, depletion and amortization NGL=natural gas liquids
EBDA=earnings before depreciation, depletion and amortization expenses, including amortization of excess cost of equity investmentsNYMEX=New York Mercantile Exchange
OTC=over-the-counter
EBITDA=earnings before interest, income taxes, depreciation, depletion and amortization expenses, and amortization of excess cost of equity investmentsROU=Right-of-Use
U.S.=United States of America
WTI=West Texas Intermediate


2


Information Regarding Forward-Looking Statements

This report includes forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. They use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “shall,” or the negative of those terms or other variations of them or comparable terminology. In particular, expressed or implied statements concerning future actions, conditions or events, future operating results or the ability to generate sales, income or cash flow or to pay dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict.

Forward-looking statements in this report include statements, express or implied, concerning, without limitation: the long-term demand for our assets and services, the future impact on our business of the global economic consequences of the COVID-19 pandemic, and our expected 2020 outlook, including our expected DCF, Adjusted EBITDA, and Net Debt-to-Adjusted EBITDA ratio.

The impacts of COVID-19 and decreases in commodity prices resulting from oversupply and demand weakness are discussed in further detail in Part I, Item 1. “Financial Statements (Unaudited)—Note 1 General—COVID-19;” Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition of Operations—General and Basis of Presentation—COVID-19” and “—2020 Outlook;” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk;” and Part II, Item 1A. “Risk Factors,” and in Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. In addition to the preceding factors, “Information Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K), contain a more detailed description of other factors that may affect the forward-looking statements and should be referenced, except to the extent such other factors are modified or superseded by the descriptions in subsequent reports.

You should keep these risk factors in mind when considering forward-looking statements. These risk factors could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments.

3


PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts, unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues 
Services$1,881 $2,014 $5,664 $6,060 
Commodity sales982 1,154 2,772 3,659 
Other56 46 149 138 
Total Revenues
2,919 3,214 8,585 9,857 
Operating Costs, Expenses and Other 
Costs of sales655 762 1,759 2,487 
Operations and maintenance643 668 1,869 1,912 
Depreciation, depletion and amortization539 578 1,636 1,750 
General and administrative153 154 461 456 
Taxes, other than income taxes100 103 295 324 
Loss (gain) on impairments and divestitures, net (Note 2)11 (3)1,987 (13)
Other (income) expense, net(1)1 (2)(1)
Total Operating Costs, Expenses and Other
2,100 2,263 8,005 6,915 
Operating Income819 951 580 2,942 
Other Income (Expense) 
Earnings from equity investments194 173 562 526 
Amortization of excess cost of equity investments(32)(21)(99)(61)
Interest, net(383)(447)(1,214)(1,359)
Other, net14 12 32 35 
Total Other Expense
(207)(283)(719)(859)
Income (Loss) Before Income Taxes612 668 (139)2,083 
Income Tax Expense (140)(151)(304)(471)
Net Income (Loss)472 517 (443)1,612 
Net Income Attributable to Noncontrolling Interests(17)(11)(45)(32)
Net Income (Loss) Attributable to Kinder Morgan, Inc.$455 $506 $(488)$1,580 
Class P Shares
Basic and Diluted Earnings (Loss) Per Common Share$0.20 $0.22 $(0.22)$0.69 
Basic and Diluted Weighted Average Common Shares Outstanding
2,263 2,264 2,263 2,263 
The accompanying notes are an integral part of these consolidated financial statements.
4


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions, unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net income (loss)$472 $517 $(443)$1,612 
Other comprehensive (loss) income, net of tax  
Change in fair value of hedge derivatives (net of tax benefit (expense) of $17, $(6), $5, and $39, respectively)
(56)20 (16)(132)
Reclassification of change in fair value of derivatives to net income (net of tax benefit (expense) of $1, $(13), $(22), and $(11), respectively)
(5)40 72 35 
Foreign currency translation adjustments (net of tax benefit (expense) of $, $2, $, and $(5), respectively)
 (7)1 16 
Benefit plan adjustments (net of tax expense of $2, $3, $7 and $8, respectively)
5 8 21 23 
Total other comprehensive (loss) income (56)61 78 (58)
Comprehensive income (loss) 416 578 (365)1,554 
Comprehensive income attributable to noncontrolling interests(17)(8)(45)(28)
Comprehensive income (loss) attributable to Kinder Morgan, Inc.$399 $570 $(410)$1,526 
The accompanying notes are an integral part of these consolidated financial statements.
5



KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts, unaudited)

 September 30, 2020December 31, 2019
ASSETS 
Current Assets 
Cash and cash equivalents$632 $185 
Restricted deposits67 24 
Marketable securities at fair value 925 
Accounts receivable1,142 1,379 
Fair value of derivative contracts257 84 
Inventories317 371 
Other current assets257 270 
Total current assets2,672 3,238 
Property, plant and equipment, net 35,958 36,419 
Investments8,014 7,759 
Goodwill19,851 21,451 
Other intangibles, net2,510 2,676 
Deferred income taxes671 857 
Deferred charges and other assets2,145 1,757 
Total Assets$71,821 $74,157 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY  
Current Liabilities  
Current portion of debt $2,057 $2,477 
Accounts payable774 914 
Accrued interest351 548 
Accrued taxes335 364 
Accrued contingencies315 89 
Other current liabilities544 708 
Total current liabilities4,376 5,100 
Long-term liabilities and deferred credits  
Long-term debt  
Outstanding
31,281 30,883 
Debt fair value adjustments
1,379 1,032 
Total long-term debt32,660 31,915 
Other long-term liabilities and deferred credits2,093 2,253 
Total long-term liabilities and deferred credits34,753 34,168 
Total Liabilities39,129 39,268 
Commitments and contingencies (Notes 3 and 9)
Redeemable Noncontrolling Interest747 803 
Stockholders’ Equity  
Class P shares, $0.01 par value, 4,000,000,000 shares authorized, 2,263,749,898 and 2,264,936,054 shares, respectively, issued and outstanding
23 23 
Additional paid-in capital41,736 41,745 
Accumulated deficit(9,945)(7,693)
Accumulated other comprehensive loss(255)(333)
Total Kinder Morgan, Inc.’s stockholders’ equity31,559 33,742 
Noncontrolling interests386 344 
Total Stockholders’ Equity31,945 34,086 
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity$71,821 $74,157 
The accompanying notes are an integral part of these consolidated financial statements.
6


KINDER MORGAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
 Nine Months Ended September 30,
 20202019
Cash Flows From Operating Activities 
Net (loss) income$(443)$1,612 
Adjustments to reconcile net (loss) income to net cash provided by operating activities
 
Depreciation, depletion and amortization1,636 1,750 
Deferred income taxes164 254 
Amortization of excess cost of equity investments99 61 
Loss (gain) on impairments and divestitures, net (Note 2)1,987 (13)
Earnings from equity investments(562)(526)
Distributions from equity investment earnings487 412 
Changes in components of working capital
Accounts receivable238 224 
Inventories41 (28)
Other current assets14 97 
Accounts payable(107)(266)
Accrued interest, net of interest rate swaps(208)(218)
Accrued taxes(25)(107)
Other current liabilities(111)(136)
Other, net72 5 
Net Cash Provided by Operating Activities3,282 3,121 
Cash Flows From Investing Activities
Capital expenditures(1,351)(1,719)
Proceeds from sales of assets and investments, net of working capital adjustments907 80 
Contributions to investments(365)(1,148)
Distributions from equity investments in excess of cumulative earnings105 207 
Other, net(72)(30)
Net Cash Used in Investing Activities(776)(2,610)
Cash Flows From Financing Activities
Issuances of debt 3,888 5,118 
Payments of debt (3,991)(6,303)
Debt issue costs(23)(9)
Common stock dividends(1,764)(1,593)
Repurchases of common shares(50)(2)
Contributions from investment partner and noncontrolling interests11 138 
Distributions to investment partner(60) 
Distribution to noncontrolling interests - KML distribution of the TMPL sale proceeds (879)
Distributions to noncontrolling interests - other(11)(42)
Other, net(13)(28)
Net Cash Used in Financing Activities(2,013)(3,600)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Deposits(3)26 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits490 (3,063)
Cash, Cash Equivalents, and Restricted Deposits, beginning of period209 3,331 
Cash, Cash Equivalents, and Restricted Deposits, end of period$699 $268 
7


KINDER MORGAN, INC. AND SUBSIDIARIES (Continued)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
 Nine Months Ended September 30,
 20202019
Cash and Cash Equivalents, beginning of period$185 $3,280 
Restricted Deposits, beginning of period24 51 
Cash, Cash Equivalents, and Restricted Deposits, beginning of period209 3,331 
Cash and Cash Equivalents, end of period632 241 
Restricted Deposits, end of period67 27 
Cash, Cash Equivalents, and Restricted Deposits, end of period699 268 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Deposits$490 $(3,063)
Non-cash Investing and Financing Activities
ROU assets and operating lease obligations recognized$15 $764 
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for interest (net of capitalized interest)1,440 1,584 
Cash paid during the period for income taxes, net202 364 
The accompanying notes are an integral part of these consolidated financial statements.
8


KINDER MORGAN, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, unaudited)

Common stock
 Issued sharesPar valueAdditional
paid-in
capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Stockholders’
equity
attributable
to KMI
Non-controlling
interests
Total
Balance at June 30, 20202,261 $23 $41,731 $(9,802)$(199)$31,753 $371 $32,124 
Restricted shares
3 5 5 5 
Net income455 455 17 472 
Distributions
 (4)(4)
Contributions
 2 2 
Common stock dividends
(598)(598)(598)
Other comprehensive loss(56)(56)(56)
Balance at September 30, 20202,264 $23 $41,736 $(9,945)$(255)$31,559 $